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Search Results 0 to 49 of about 201 (some duplicates have been removed)
for the potential spillovers from the crisis affecting the advanced economies. what can the imf do? well, we can help. we have refrained some of our instruments, effective credit line, for instance. the precautionary and liquidity credit lines which are both instruments aimed at comforting the country that is actually having the right set of policies in place, acts on tape as we say, in many countries have actually used those facilities, the case from mexico, the case for colombia, the case for polling, the case for morocco more recently with a precaution and liquidity lines. and together those not actually exceed the amount of commitment that we have for europe. okay, turning now to low income countries. they have performed relatively well through the crisis, and, frankly, when you look at numbers, starting from a low base admittedly of course, their numbers are generated in excess of any growth numbers we've seen in either advanced or emerging markets economies. but today they're more exposed to shifts in economic fortunes. i do not simply mean the potential fallout from the advanced economies
, managing director of the imf since july a year ago. madam lagarde has obviously been playing a very central role in the management of the global economic and financial crises from its outset, from the prior position as minister i. manson rant and continuing of coors at the home of the imf. she famously attended some of her high school in earlier days here in bethesda. she is a lawyer by training, spent much of her career at a current mckinsey becoming chairman of the global executive committee and then chairman of their global strategic committee in 2004. she then joined the french government in 2005, originally as minister for foreign trade of them as minister for fisheries her brief time and then in june june 2007, just in time for the crisis to hit, she became the first woman to hold the post of minister of finance and economy of any g7 country. a rather notable milestone. she reminds me of is a couple of french men and a frenchwoman who can play a critical role in dealing with the world financial crisis going forward and indeed, that is the case. she should do at the same counsel during
and continuing at the home of the imf. chief famously attended some of her high school in earlier days here in bethesda. she is a lawyer by training. she spent much of her career at baker and mckenzie, becoming chairman of they are global executive committee and then chairman of their global strategic committee in 2004. she then joined the french government in 2005, originally was minister for foreign trade and then minister for agriculture and fisheries for a brief time. then, in june 2007, she became the first woman to hold post of the minister of finance and economy of any g-7 countries. here rather noble milestone. she reminds me -- a rather notable milestone appeare. she chaired the recusing council during her time as finance minister. then, in the g 20, as france share of the g 20 in 2011, she was extremely active in trying to build a lasting reform program to respond to the economic and financial problems that had been uncovered during the course of the crisis itself. did she has received numerous honors, two men -- to many to repeat, but the financial times named kurt european -- na
money to the imf, they send it to europe. is anybody in europe paying attention to the austerity measures? no. everyone keeps saying he did it. no one takes any blame for anything anymore, including here at home. we keep bailing our own selves out. it has to stop or no one is going to fix anything. why should you when you just expect the check is coming in the mail. >> should we be bailing out europe, in fact, because what happens over there keeps killing our markets here. it's been nothing but problems for two years. >> the problem with europe started by greece, they lied about their debt, they never had that 3% level you're supposed to have to get in the e.u. so they don't have anything to go back to. and right now angela merkel is trying to bail out her own banks through this huge imf bailout. the same thing that happened to aig. once you stuck money in it, it went to banks. that's what they're doing. back door bailout for banks. you've got to let these countries start dealing with it themselves. there is no hope. i don't believe, in my opinion, for greece and probably a coupl
confetti. >> yeah, they're not fans there in berlin. they think the imf has been going beyond its mandate and acting too much like a bank. meanwhile in washington, they're not pleased because they think the imf is stepping up and do the work that they would rather see germany do. >> we're r. we just like to be pragmatists. coming up, we'll go to berlin where angela merkel is about to speak. >> and then over to new delhi, business travel is giving a boost to the hotel business. chairperson of park hotels will be here. >> and sydney, the rba has warned its banks to be wary of the fallout of the eurozone debt crisis. >> and name dropping in new york. we hear from a morgan stanley executive on how their name change will impact the brokerage business. >> are we going to enough places around the world for you today? sydney, berlin, india, new delhi, new york -- >> and there's more to come. >> first, though, the imf says it will cut its global growth outlook. speaking at an event in washington, d.c., christine lagarde urged policymakers to take decisive steps to secure sustained economic growth.
wrote about it. >> i was struck by a comment you made in your interview with the imf survey on friday. where you said, and i quote, asia has been a fantastic partnership for the imf. now, i like that because it's kind of a conventional wisdom that asia was not so happy with the imf ever since the asian crisis. indeed, that the asian for creating their own regional financial mechanism, perhaps in some point to rival the imf. so i was struck and very encouraged by the state. i would like to ask you to elaborate on the. >> i would be very happy to do that. and i think the legacy of what's happened in asia a decade ago was a mixture of resistance, frustration, stigma, reluctance to partner with. and i think a lot of it is fading away. i was in indonesia, i was in thailand right after the meeting visiting other asian countries. i really see that as updating. it's also may be induced a little bit by circumstance but those questions are doing a lot better. they went through a terrible, terrible time, including with us trying to help, but now they are faring a lot better than advanced economi
statistics. on monday, there was a lot of expectation that the imf would make a declaration of censure because of the lack of progress in ameliorating of the quality of statistics. but in the end, they gave argentina more. i want to know what you expect. do think they can do incommoded did that do to now? if not, what will happen in december? >> thank you. you know, the quality of our analysis and the credibility that is associated with our work relies on the brain of our analysis and economists and also on the integrity of the data on which they base modeling in calculation and all of it. so i am determined to make sure that we have the right data. and where we have gaps, that we try to fill in gaps bewitches clearly the case in the financial sector where we -- we try to fill in the gaps, which is clearly the case in the financial sector. the argentinian like football, the real football, what is called soccer here. but we have the choice between the yellow card or the red card. [laughter] i have trust in which people can achieve. sometimes it is the best. so it was a yellow card good
for the official sector holders, new money come either from the multilateral community such as the imf for individual creditors. i know you will not comment on negotiations currently under way, but i'm wondering if you could provide perspectives on how to think about that combination of solution or are there other potential components that are being menaced by the debate at the moment because there is a lot of concern and people go running off in one direction or another. if you can provide perspective on how you think about the passage of potential solutions that one could consider as promoting stability in the financial system. >> i think you are knowledgeable. clearly if much of comments. i'm not going to throw into the intricacies of how much more, how much less. it is important to keep in mind two things that i know which country you're referring to. the fiscal gap, the structural reforms, the financing of the programs, but also the sustainability of the country going forward so it can walk want premise to see that not always with a huge backup data on its back. it's a whole combi
that issue with the i.m.f.'s david lipton >> we see decisions from europe in high political levels and i think we're going to see this fall this shift from the question of what's to be done to how do we go about implementing it. >> reporter: lipton also told me the i.m.f. would be willing to play a larger role in europe if asked. also making headlines here on the european front was the arrival of the president of bundes bank jens weidmann. there were press reports that he is considering tendering a resignation over a dispute with the e.c.b. on the planned bond buying program. when questioned by reuters he gave a terse no comment to those reports. rhonda schaeffler of reuters in jackson hole for "n.b.r." >> susie: still ahead, our market monitor guest explains why he's getting defensive now. we talk with alan lancz of money management firm lancz global. >> tom: about 33 million americans will be hitting the road, boarding a plane or getting on a ship this weekend to enjoy the last days of summer. a.a.a. says that's up about 3% from last year and marks the highest level of labor day trave
public works projects including subway system and expressways. imf deputy managing director supports the additional move china plans to make. he says the state of china's economy affects the global economy including asia and south america. >>> russian president vladamir putin is to enhance supervision of the country's major firms. this is seen as a move to hamper an eu antitrust probe into the gasprom. putin signed the decree tuesday, requiring major russian firms operating overseas to obtain government approval before giving internal information to foreign or international bodies. such firms will also need to get authorization to sell their stocks or change contract terms. earlier this month, the eu launched a probe into gasprom on suspicion it unfairly raised prices in countries. putin criticized the move. countries are heavily dependent on gas sa mrupplies from russia. >>> portugal agreed to postpone belt tightening targets. the portuguese prime minister told reporters that he wants the agreement because the the economy is performing worse than previously projected. they received
it mean an imf program are not an imf program? will it be ratified and active in providing direct support to the banking system in a country like spain? although the attention has been on the european central bank and what it might not do, the preconditions are the critical issue. the quality of the program, the ability to provide direct support to banks. >> what about the scenario is bought -- with deposits in spain? >> it is sort of an important issue that if it continues will be something that can drive this. i think the point that john made are right and one thing he did not mention was we have that european banking unit coming at. essentially, if they can construct this banking union, that would allow you to do deposit insurance, those things are fundamentally uncertain. there is an awful lot of moving pieces here that have to go forward. i would come back to the notion and the sense of what has changed over the last month. to me, the biggest change is the attitude -- >> the question you have to ask yourself is what is that euro about? is a social decision or an economic decision? if
next month. the i.m.f.'s currently forecast calls for growth of 3.5% this year, and 3.9% next. erika miller reports. >> reporter: global economic growth appears to be hitting a wall. a "bric" wall that is. there's growing evidence that economic growth is slowing in virtually every part of the globe, even the world's fastest growing economies. the term "bric" was coined a decade ago to refer to brazil, russia, india and china. but if you were to rank the countries by economic importance, the order would be reversed. >> china's been the engine of global growth a very, very long time. and, now because of its deceleration, it's becoming the drag on global growth, if you will. and that's part of the maturation process. >> reporter: but, for now, at least, it doesn't look like the chinese economy is headed for a hard landing. in 2010, china's growth was over 10%. last year it was 9.2%. this year, the i.m.f. expects it to fall to 8%. but that's still a lot better than what's expected in the u.s. next year. >> i'm predicting 2% to 2.5% g.d.p. growth, nothing wild. probably a bit lower than t
be involving the conditionality and would be involving the imf. so, i think we have a lot more clarity here. i think there were other points as well that were very useful, that emerged out of yesterday's press conference. in particular, the idea that ireland and portugal could actually be part of the ecb purchasing, and that would definitely assist their way of getting back to market access. that's an important issue for the financial markets. i think as well it was fairly clear that the governing counsel was not trying to get some form of seniority for this new purchase program. that, again, is very important because i think investors have been very concerned that ultimately the ecb might find it difficult to avoid being seen to be in some form of senior status for the purchases it makes. so, i think the level of commitment, the general tone of the press conference, always very important. now, concerning the specific point about what the esfs and esm actually do, and what happens next, that is still uncertain, frankly. a lot really is going to hinge upon what spain is going to be asking for h
looks to do everything short of defunding the imf and a video message on the prime minister's official facebook page. he said that hungary will not accept pension cuts and bank tax cuts in exchange for an estimated $19 billion imf loan. talk about rejection. first of all, what are those people doing on facebook? >> my take is it shouldn't happen on facebook. a public forum. the kind of stuff you should be doing face-to-face. the day before they said there were working an agreement and everything was working in the right direction. they didn't like with the imf was doing. unlike the conditions. >> behind closed doors. >> the presidential election on facebook. [laughter] >> why not? melissa: i guess one not. i'm wondering if this is real. i feel like there's something more. some aid is on facebook doing something or some -- i can't believe that real, serious people live there. >> we discussed this before we came out. major international monetary decisions on facebook. melissa: all right. thanks to both of you. >> thank you. melissa: the final stretch of the 2012 campaign is underway.
>> it is too politically correct. >> that doesn't mean you don't change forp policy. you should cut off the imf that gives better descriptions and ruins these countries. it is economic. >> and rich, go ahead. >> wealth of nations. >> and the problem sthere is a fallacy to your argument. >> there usually is. go back to the difference between jimmie carter and ronald reagan. it is political correctness and reagan did the opposite. >> victoria? go ahead. >> rick, the point is, we are handing these people blank checks and then apologizing for it. and going into these places oh, we are so sorry for the random video that a whacko put out on the internet. come on, you have to show strength. >> hold on a second. rick, i know you are not in favor of the money leaking in the wront hands. way to continue the aid to people who share our about. it is our money after all. yes, we want to influence that region but not in the hands of terrorist. >> that's fair enough. but listen to the arguments. suddenly it is about apologies and nonsense that is political. foreign policy does not exist in that realm. >> apol
in negotiations with europe and the i.m.f. about cutting wages and pensions by anything up to 30%. and this in a city where already one in three businesses has closed. >> we have to do something for our future to have a regular job, to have a family. >> all of europe should have a voice against these policies. >> reporter: there will be little reassurance of promises of no more cuts after these. >> there is no scope for any further reductions in wages and pensions beyond this specific package. this is a commitment that the government has made. >> reporter: the greeks have been told that before. >> yes, they have been told that before. but should the government not meet that commitment, in my mind that would mean the end of this government. >> reporter: the protest was brief. it was all over within a couple of hours but there are many difficult votes ahead here in the greek parliament and no one expects that to have been the end of the trouble. >> ifill: the violence in athens came hours after police and demonstrators fought in the streets of madrid, spain. on tuesday evening, 6,0
it's outlook for the global economy. the i.m.f.'s managing director says the trend has been clearly heading down. and, as darren gersh reports, she is calling on leaders in europe and the u.s. to change direction. >> reporter: the managing director of the i.m.f. has been described as the world's chief financial fire fighter. and today, christine lagarde urged policy makers in europe to make sure another spark doesn't re-ignite the crisis. >> we need a sustained rebound, a sustained rebound, not a bounce. if this time is to be different we need certainty more than uncertainty. and we need decision makers to turn into action takers. >> reporter: again and again, european leaders have shown they follow dramatic breakthroughs by enacting them slowly or not at all. the latest example is a plan to create a european banking union. over the weekend, e.u. leaders clashed over how fast they should move to put reforms in place. >> it shows a little bit the contradiction of the european project. in many aspects and certainly financially and economically, it is one nation, it's one economy, and
foreign domination. the imf is seen as another in a succession of foreigners who have come in and told egypt what to do with its economy. host: good morning. thank you for waiting. caller: my question is how the united states senate for given egypt of the $7 billion loan -- now, today, as of today, we have a new president there in egypt. i was born there, but i was raised in this country. this gives me a more open opportunity to understand what the middle east people cannot understand. i have a question. even though my wife was a supporter of anwar sadat, i was against him for going against jerusalem, because that is an occupied country of palestine. the current situation is the arab countries have to be united as one because they are all mediterranean, mediterranean greeks and mediterranean battalions, and so forth. all of them have great food, great cultures. -- mediterranean italians. we are changing that to a group of hateful people with religious codes. i understand what that is and i do not appreciate it. host: we will stop you on that point. thank you for calling. steve cook? gu
including subway systems and expressways. imf deputy managing director jumin supports the additional move and says the state of the economy affects the global economy including asia and south america. >>> let's check on the markets now. the dow jones industrial average ended about half a percent higher at 13,323, the highest level in almost five years. see how the stocks are trading wednesday and in japan we go to rumy at the stock exchange. how are tokyo stocks kicking off? >> indeed, a lot of anticipation and investigators are keen to see not only what the federal reserve will do when it wra up its two-day meeting on thursday and also in germany where a constitutional court will be giving its verdict on the legality of eurozone bailout funds, so a couple of big focuses there as well. let's see how the markets are opening up this wednesday and both indexes trading higher so a little follow through there from the u.s. markets that you just went over there. let's not forget the nikkei ended lower yesterday on a touch of profit taking and in fact did break below 8,800 at one point but did m
to brief his german counterpart on the latest austerity package. at the end of the week, the eu, imf, and ecb tricot will reevaluate the process and they will determine whether or not happens receives the latest installment of bailout funds. >> on to the markets. european share start of the trading week with their biggest one-day gains in a month. our correspondent send us this information from frankfurt. >> there's no doubt the discussion about monetary policy continues to be the main driver in the markets. but that is why non-official statements draghi made in brussels are playing an even more important role. draghi reportedly said an intervention of the ecb is needed because the antar-bank system is malfunctioning meaning the financial system within the eurozone. that the reason to investors to continue to bed on held by the reserve bank and to continue to bet on rising stock prices. >> conrad in frankfurt. for a closer look on monday numbers, finishing up by more than .6%. stoxx finishing at 2463. no trading on wall street. it is a long holiday weekend and a labor day monday. the
ministers meet and report in a dutch paper suggesting the ecb is negotiating with the imf on the spanish rescue package worth 300 billion euros. stefane is following the story for us. >> reporter: it looks like it's a pretty good report to be honest because 300 billion euros is more or less what would be needed for a spanish bailout, for the amount of this potential deal for spain is credible. regarding the fact that the imf would be implicated in that story, again, it's credible because if you look at what the prime minister rajoy say a few days ago, he said he had no objection to the imf monitoring the spanish compliance with the condition of an international bailout. it's all about the condition of the bailout because if you remember also the prime minister say spain would not accept any additional condition for a bail skrout. he believes that the country fills all the requirement for the bailout in particular with respect to the european budgets target, deficit target that has been set. so basically what rajoy wanted to say he has no objection to check that spain would respect the pu
conditionality you have the euro group involved. should be a role for imf to be there in term of the technical appraisal of how the program will be working. spain which should be seeing some degree of positive movement to come from this. at the same time we have to bear in mind while this is a positive development, the situation in greece is still, of course, hanging in the balance there. and the economic news such as yesterday with the pmi data is suddenly very bad. >> we'll speak to thomas from the euro group and we can ask him about that part of the equation. >> good idea. >> that's kite hanquite handy. >> the question is about spain, if draghi lays it out and says this plan is going to if "x" happens i wonder if it means spain won't have to -- >> your issue for this could be tied up behind closed doors and announced as one big package. it would have a much better impact on markets and that's what would happen if this was done in washington. we discuss europe for many, many years and these decisions take time to get knitted together and this is a sequence we've got. we've got that euro grou
by the end of october, but the head of imf was also quick to reject rumors that spain would soon need a bailout. >> i know there have been some trepidations and speculations as to whether president draghi and myself would be in the negotiations. i can assure you that we are not. >> increase's debt problems were also on the agenda. experts from the troika are in athens to assess progress. >> we call on the troika and greece to continue negotiations and agree on a set of credible measures to close the fiscal gap for 2013-2014. >> but despite the ongoing difficulties, the eurozone ministers say greece is moving in the right direction. >> let's go to moscow where russia's parliament has voted to expel a critic of president vladimir putin. >> the opposition deputy is accused of running a business while been a member of the parliament. that is illegal in russia. the claims the charges are part of a political bent designed to silence opposition. he has spoken at rallies against putin since the russian leader's return to power earlier this year. in just a minute, we will be looking at the wor
Search Results 0 to 49 of about 201 (some duplicates have been removed)